The following additional information is relevant a) Inventory at 31 December 2019 was valued at $1600000. While doing the inventory count, errors in the previous year's inventory count were discovered. The inventory brought forward at the beginning of the year should have been $2.2m, not $2.4m as above. b) Depreciation is to be provided as follows. i) Buildings at 5% straight line, charged to administrative expenses ii) Plant and equipment at 20% on the reducing balance basis, charged to cost of sales iii) Motor vehicles at 25% on the reducing balance basis, charged to distribution costs c) No final dividend is being proposed d) A customer has gone bankrupt owing $76000. This debt is not expected to be recovered and an adjustment should be made. An allowance for receivables of 5% is to be set up e) 1m new ordinary shares were issued at $1.50 on 1 December 2019 . The proceeds have been left in a suspense account. Required Prepare the following a) Statement of profit or loss for the year ended 31 December 2019 (3 marks) b) Statement of changes in equity for the year ended 31 December 2019 (4 marks) c) Statement of financial position as at 31 December 2019 (8 marks) All statements are to be prepared in accordance with the requirements of IFRSs. Ignore taxation